Globe Capital Market is bullish on PNB Housing Finance has recommended buy rating on the stock with a target price of Rs 395 in its research report dated August 27, 2020.
Disbursement was lower in June quarter this year because of disruption cause by the coronavirus pandemic.
Motilal Oswal recommended Neutral rating on PNB Housing Finance with a target price of Rs 210 in its research report dated July 23, 2020.
The company's net interest income also slipped 22 percent to Rs 487.8 crore during April-June, as against Rs 625.5 crore in year-ago period, it said in a regulatory filing.
The housing finance company may issue the bonds through private placement or by way of public issue.
PNB Housing had sold corporate finance portfolio worth Rs 2,307 crore during FY2020 which helped in improving its CRAR (capital to risk weighted assets ratio) to 17.98 by end of March 2020.
On March 27, the Reserve Bank of India (RBI) announced moratorium of repayment of term loans till May 31. It was later extended till August 31.
The housing finance company (HFC) said its incremental borrowing last fiscal was Rs 21,870 crore.
This reduction is for all existing retail customers who have availed the loan before February 2020 on floating rates, a release said.
Under the agreement, the PNB Housing Finance Ltd (PNBHFL) will support research and development of a unique prototype material to be used in manufacturing sustainable (washable and reusable) PPE surgical gowns and masks.
Vyas will be in the new role for a period of eight months, effective from April 28, 2020, according to a BSE filing by the company.
As per the press release, the company has signed an agreement with JICA to raise USD 75 million and with Citibank for USD 25 million.
The company has signed an agreement with JICA to raise USD 75 million and with Citibank for USD 25 million, a release said.
DCCO of project loans for commercial real estate has been extended by a year without downgrading asset classification.
The company has securitized through the direct assignment route. The corporate finance account was sold up to Rs 1,963 crore in 9MFY20.
Jefferies see a risk of more slippages in the developer book and cut FY20-21 estimates by 6-23 percent.
This issuance is through private placement basis with a door-to-door tenure of 10 years, and the proceeds will be utilised by the company for its normal course of business operations, the company said.
Total income rose to Rs 2,230.34 crore during the quarter under review from Rs 1,808.26 crore a year ago.
PNB Housing is looking to raise as much as Rs 2,000 crore through the “limited preference" route, under which a maximum of five investors can participate, the people said on condition of anonymity.
Funding to real estate has got constrained over the past year which has resulted in many projects being stuck because of a lack of funds to complete the project.
Global brokerage house Jefferies said that although the company’s Q1 profit rose, it missed estimates due to lower net interest income. Higher provision negated the lower operating expense, it added.
Total income for April-June quarter of 2019-20 increased to Rs 2,232.58 crore from Rs 1,648.31 crore in the same period of the previous fiscal, PNB Housing Finance said in a release.